Start Lower credit card debt without consolidating

Lower credit card debt without consolidating

Be aware, however, that balance transfer cards often charge a transfer fee (usually 3%), and some even have annual fees.

If you consolidate all bills into one, the single payment should be at a lower interest rate and reduced monthly payment.

This can allow you to set aside a portion of your income each month to pay down balances for each card, one at a time.

When you have paid off all the cards, choose one and be responsible with how you use it.

All payments made during that time will go toward reducing your balance.

When the introductory rate ends, interest rates jump to 13–27% on the remaining balance.

Utilizing a debt management plan could affect your credit score.

However, at the end of the 3-to-5 year process, you should be debt free, which definitely improves your score.

The most-recommended DMPs are run by non-profit organizations.